China exports slumped 12.4% in June from a year earlier as global demand weakened

( ) -q-21- UNDATED (Correspondent Jeremy House) “and consumer activity.”

China has reported its exports tumbled 12.4% in June from a year earlier as demand weakened after central banks raised interest rates to curb inflation.

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TAG: Correspondent Jeremy House reporting. In the January-to-June period, China’s total trade including imports and exports fell nearly 5% from a year earlier. Exports slipped 3.2% and imports declined 6.7% as prices of commodities like oil fell and demand inside China also faltered.

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VERBATIM: Customs data showed imports slid 6.8%. Trade weakness adds to downward pressure on the world’s second-largest economy. Global consumer demand has weakened after the Federal Reserve and central banks in Europe and Asia raised interest rates to bring inflation down from near multi-decade highs by reining in business and consumer activity.

El Nino is threatening rice crops while grain supplies already are squeezed by the war in Ukraine

( ) -q-21- UNDATED (Correspondent Jeremy House) “war in Ukraine.”

Experts are warning that rice production across South and Southeast Asia is likely to suffer with the world heading into an El Nino.

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TAG: Correspondent Jeremy House reporting. Global demand is soaring, while yields globally have been stagnating for decades because of climate change and limits to productivity gains.

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VERBATIM: Stronger El Ninos alter global weather patterns and heat up an already warming planet. Thirsty crops like rice are particularly vulnerable, especially when they are rainfed and not irrigated. Experts say this will worsen food insecurity at a time when supplies of grain and fertilizer are recovering from disruptions caused by the war in Ukraine.

Tourists are packing European hotspots. And Americans don’t mind the higher prices and crowds

( ) -q-24- UNDATED (Correspondent Jeremy House) “most popular destinations.”

Crowds are packing the Colosseum, the Louvre, the Acropolis and other major attractions as tourism exceeds 2019 records in some of Europe’s most popular destinations.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: While European tourists helped the industry on the road to recovery last year, the upswing this summer is led largely by Americans. The return of mass tourism is a boon to hotels and restaurants, which suffered under the pandemic restrictions. But there is a downside, too, as pledges to rethink tourism to make it more sustainable have largely gone unheeded in the most popular destinations.

Europe signs off on a new privacy pact that allows people’s data to keep flowing to US

( ) -q-27- UNDATED (Correspondent Jeremy House) “adding extra security.”

The European Union has signed off on a new agreement over the privacy of people’s personal information that gets pinged across the Atlantic.

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TAG: Correspondent Jeremy House reporting. The agreement comes after two earlier data transfer agreements were tossed. The European privacy campaigner who triggered the legal challenges, however, vowed to challenge it to the EU’s top court.

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VERBATIM” The E-U’s action is aimed at easing concerns about electronic spying by American intelligence agencies. The E-U’s executive commission deemed the EU-U.S. Data Privacy Framework to have an adequate level of protection for personal data. That means it’s comparable to the 27-nation’s own stringent data protection standards, so companies can use it to move information from Europe to the United States without adding extra security.

Supreme Court Justice Sotomayor’s staff prodded colleges and libraries to buy her books

( ) -q-23- UNDATED (Correspondent Jeremy House) “of her books.”

An AP investigation has found that Supreme Court Justice Sonia Sotomayor’s staff has repeatedly prodded public institutions to buy her memoir or children’s literature.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: For colleges and libraries seeking a big name for a guest lecturer, few come bigger than Sonia Sotomayor, the Supreme Court justice who rose from poverty in the Bronx to the nation’s highest court. But emails show officials frequently found that an appearance by Sotomayor came with an additional benefit. Those included the purchase of hundreds, sometimes thousands, of copies of her books.

UK wages are rising at a record pace. That makes higher interest rates more likely

( AM BiZ ) -q-20- UNDATED (Correspondent Jeremy House) “began in 2001.”

Wages in the U.K. are rising at a record high rate amid stubbornly high inflation.

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TAG: Correspondent Jeremy House reporting. For months, workers have been seeking pay that keeps pace with high inflation, which is running at 8.7% despite declines in energy prices and a series of interest rate increases from the Bank of England.

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VERBATIM: That’s bolstered expectations that interest rates will increase again — to the worry of many homeowners who are seeing their mortgage payments spike. Britain’s Office for National Statistics said wages, excluding bonuses, rose by 7.3% in the three months to May. That matches the highest rate since records began in 2001.

A dip in producer prices in China

( ) -q-22- UNDATED (Correspondent Jeremy House) “COVID-19 pandemic.”

China says producer prices fell 5.4% in June from a year earlier.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: Last month’s figure was down from a 4.6% drop in May, as growth in the U.S. and Europe continued to taper off under a barrage of interest rate hikes meant to snuff out high inflation. China’s economy has slowed faster than hoped for after an initial surge in growth. The country has been bouncing back from disruptions from the COVID-19 pandemic.

‘Clone’ or competitor? Users and lawyers compare Twitter and Threads

( ) -q-26- UNDATED (Correspondent Jeremy House) “the two apps.”

Threads creators are pushing back against a recent cease-and-desist letter earlier this week by Twitter.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: Twitter has threatened legal action against Instagram parent company Meta over the new text-based app, Threads. Just how similar are they? The new app has drawn tens of millions of users since launching as the latest rival to Elon Musk’s social media platform. People starting to explore Threads are already making their own observations. Some have called it a “Twitter clone,” but others note key differences between the two apps.

Yellen says Washington might ‘respond to unintended consequences’ for China due to tech export curbs

( ) -q-24- UNDATED (Correspondent Jeremy House) “of possible changes.”

Treasury Secretary Janet Yellen says Washington will listen to Chinese complaints about security-related curbs on U.S. technology exports.

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TAG: Correspondent Jeremy House reporting. Relations between the U.S. and China are at their lowest level in decades due to disputes about technology, security and other irritants. A key Chinese complaint is limits on access to processor chips and other U.S. technology.

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VERBATIM: as she completed a visit to Beijing aimed at reviving strained relations, Yellen defended “targeted measures” on trade that China’s leaders complain are aimed at hurting its fledgling tech industries. However, Yellen added the U.S. might “respond to unintended consequences.” She said the Biden administration wants to “avoid unnecessary repercussions” but gave no indication of possible changes.

Network infrastructure and 5G-technology provider Nokia has signed a new long-term patent license agreement with Apple

Network infrastructure and 5G-technology provider Nokia has signed a new long-term patent license agreement with Apple

VERBATIM:

This latest agreement will replace the current deal between the two companies that is set to expire at the end of the year. The deal, which enables Apple to use the Finnish company’s technology in its products, covers Nokia’s inventions in 5G and other technologies. Nokia expects to recognize revenue related to the agreement starting January 2024, and the company said the deal is consistent with its long-term outlook disclosed in the first quarter.

Officials on the Orkney Islands have voted to explore ways of seeking more autonomy or even independence from neglectful U.K. governments

Officials on the Orkney Islands have voted to explore ways of seeking more autonomy or even independence from neglectful U.K. governments

VERBATIM:

The Orkney Islands Council voted to study “alternative models of governance” for the archipelago which has a population of 22,000. The proposal from council leader James Stockan grabbed international headlines with its mention of potentially restoring Orkney’s “Nordic connections.” Orkney was under Norwegian and Danish control for centuries until 1472 when the islands were taken by the Scottish crown as part of a royal wedding dowry.

A Massachusetts library is celebrating the return of an overdue library book– after more than a century

A Massachusetts library is celebrating the return of an overdue library book– after more than a century

VERBATIM:

The book written by James Clerk Maxwell is an 1881 edition of “An Elementary Treatise on Electricity”. It was last checked out from the New Bedford Free Public Library on Valentine’s Day, February 14th, 1904. It would take 119 years an alert librarian in West Virginia to discover the missing the volume and restore it to its original home. The fine, at 5-cents-per-day late fee would tally to more than $2,100. The silver lining is the library’s maximum late fee is only $2. the New Beford Libratian’s moral: It’s never too late to return a library book.

Home prices ease, but monthly payments higher because of mortgage rates

MORTGAGE PAYMENTS

Inserted: 10:25am – Fri 7/7

( ) -q-27- UNDATED (Correspondent Jeremy House) “in recent years.”

Would-be homebuyers are willing to take on sharply higher mortgage payments, even as home prices have begun to pull back this year.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The median monthly payment listed on applications for home purchase loans jumped 14.1% in May from a year earlier to an all-time high $2,165. That’s according to the Mortgage Bankers Association, which also notes the May figure also represents a 2.5% increase from April. The size of the mortgage and the interest rate on the loan influence are two housing market variables that have ballooned in recent years.

U.S. slowed hiring but still added a solid 209,000 jobs in June

( ) -q-22- UNDATED (Correspondent Jeremy House) “a five-decade low.”

America’s employers pulled back on hiring but still delivered another month of gains in June.

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TAG: Correspondent Jeremy House reporting. The latest evidence of economic strength makes it all but certain that the Fed will resume its interest rate hikes later this month after having ended a streak of 10 rate increases intended to slow inflation.

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VERBATIM: Employers added 209,000 jobs last month. It’s a sign that the economy’s resilience is confounding the Federal Reserve’s drive to slow growth and inflation. The June hiring figure is below the levels recorded in recent months. Meanwhile, the unemployment rate fell to 3.6% from 3.7%, and is near a five-decade low.

AM SPORTSCAST 7-7

AM SPORTSCAST 7-7

More Americans apply for jobless benefits, but layoffs are not rising significantly

The number of Americans applying for jobless benefits rose last week. The Labor Department reports U.S. applications for jobless claims rose by 12,000 to 248,000 for the week ending July 1. The four-week moving average of claims, which evens out some of the week-to-week volatility, fell by 3,500 by 253,250. Jobless claim applications are seen as a proxy for the number of layoffs in a given week.

Tesla’s driver-assist system gets closer look as US seeks details on recent changes

U.S. automobile safety regulators are zeroing in on changes that Tesla has made to its Autopilot partially automated driving system. Those changes include how Tesla makes sure drivers pay attention and how it detects and responds to objects. The National Highway Traffic Safety Administration has asked for details of changes made to all versions of the system including dates and detailed descriptions. The request is part of a larger investigation into Teslas operating on Autopilot hitting emergency vehicles parked on highways while responding to other incidents.

Shell CEO calls it ‘irresponsible’ to cut oil production now

( ) -q-22- UNDATED (Correspondent Jeremy House) “for global warming.”

The head of global energy giant Shell says it would be “irresponsible” to cut oil and gas production at a time when the world economy is still dependent on fossil fuels.

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TAG: Correspont Jeremy House reporting.

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VERBATIM: Shell CEO Wael (wall) Sawan’s (SOW ahn) comments conflict with the recommendations of climate scientists and U.N. Secretary-General Antonio Guterres. Guterres has called on the fossil fuel industry to “drive, not obstruct” the transition to renewable energy. Burning fossil fuels is the biggest source of the carbon emissions blamed for global warming.

Companies rein in customer rewards programs

Some companies are becoming a bit more stingy with rewards programs, and customers are taking notice. Reward programs, including birthday freebies and discounts, have long been a way for brands to build loyalty and incentivize spending. But last fall, for example, many balked at Dunkin’s decision to stop offering a free drink on their birthday and instead give them triple loyalty points on their purchase. Some experts say the cost of maintaining loyalty programs, as well as recent impacts of inflation and changes in consumer behavior since the start of the COVID-19 pandemic, are among the reasons why companies may be pulling back.

Facebook faces legal setback in EU court decision on data privacy and ads

( ) -q-24- UNDATED (Correspondent Jeremy House) “boxing out competitors.”

Facebook has lost a legal challenge at the European Union’s top court over a groundbreaking German antitrust decision that limited the way the company uses data for advertising.

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TAG: Correspondent Jeremy House reporting. Facebook parent Meta says it’s evaluating the decision.

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VERBATIM: The European Court of Justice said that competition watchdogs can consider whether companies like Facebook comply with the continent’s strict privacy rules. Those rules are normally enforced by national data privacy regulators. The court ruled that antitrust authorities can take into account any violations of data privacy rules as they investigate whether tech giants are abusing their dominance in the market by boxing out competitors.

UK mortgage rates spike to highest level since Truss tax plan spooked markets

( ) -q-21- UNDATED (Correspondent Jeremy House) “keep hiking rates.”

Homeowners and renters in the U.K. are facing further grim news as mortgage rates hit levels not seen since unfunded tax cuts announced by the government last fall jolted investors.

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Out-cue: keep hiking rates]

TAG: Correspondent Jeremy House reporting.

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VERBATIM: Financial information company Moneyfacts says the average rate for a five-year fixed rate mortgage in the U.K. hit 6.01%. It comes after the Bank of England has raised interest rates to a 15-year high to battle high inflation. The worry is that mortgage rates could keep rising in the coming months because the bank is expected to keep hiking rates.

Iran’s attempt to seize two oil tankers is thwarted by the U-S Navy

( ) -q-20- UNDATED (Correspondent Jeremy House) “harassed several others.”

The U.S. Navy says Iran tried to seize two oil tankers near the strategic Strait of Hormuz, firing shots at one of them.

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TAG: Correspondent Jeremy House reporting. Many of the incidents have occurred in and around the Strait of Hormuz, the narrow mouth of the Persian Gulf through which 20% of all crude oil passes.

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VERBATIM: Officials say that in both incidents early Wednesday, the Iranian naval vessels backed off after the U.S. Navy responded. They add the gunfire directed at the second vessel did not cause casualties or major damage. The U.S. Navy says Iran has seized at least five commercial vessels in the last two years and has harassed several others.

Saudi Arabia and Russia are cutting oil supply again in bid to boost prices

( ) -q-26- UNDATED (Correspondent Jeremy House) “of one million.”

Saudi Arabia and Russia are extending cuts to the amount of oil they pump to the world to try to prop up prices.

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Out-cue: of one million]

TAG: Correspondent Jeremy House reporting.

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VERBATIM: It shows how two of the world’s largest oil producers are scrambling to boost income from the fossil fuel even as demand has weakened with the economy. The move gave a slight boost to oil prices. The Saudi Energy Ministry said it would extend its previously announced cut of 1 million barrels per day in July through August while Russia will cut an additional 500,000 barrels a day in August, for a total of 1 million.

Treasury Secretary Yellen makes long-awaited trip to China this week

( ) -v-30- UNDATED (Correspondent Jeremy House) “std.”

Treasury Secretary Janet Yellen will travel to Beijing Thursday in an effort to thaw U.S.-China relations. Correspondent Jeremy House has more on the story.

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VERBATIM: Yellen, who has called the notion of an economically decoupling from China “disastrous,” has frequently said in the past year that she would like to visit China. She says the two nations “can and need to find a way to live together” in spite of their strained relations and massive differences. Yellen’s trip would come shortly after Secretary of State Antony Blinken made a two-day stop in Beijing in June in what was the highest-level meetings in China in the past five years…JH, Washington.